LAS VEGAS — GB Sciences, Inc. (OTCQB: GBLX) updates the progress in their efforts to identify, cultivate and extract full spectrum hemp oil from proprietary hemp strains that contain desirable ratios of CBD, cannabinoids and terpenes to provide the necessary compounds to support both the Company’s medical Intellectual Properties portfolio and open a fresh revenue stream in the rapidly growing retail hemp market.
The search for a full spectrum hemp oil product that matched the quality and consistency of their cannabis genetics led GB Sciences to The Colorado Hemp Project. CHP is a developer of best-in-breed genetics and recognized worldwide as a leader in the cultivation of hemp with the first legal hemp harvest in the United States.
The revenue picture for production of hemp CBD is multi-threaded and bright. Current market prices put hemp flower yields at approximately 1000lbs. per acre with a retail value of between $100- $500 per lb. But GB will manufacture full spectrum oil and CBD Isolate from their grows yielding $30K – $50K and $32K – $64K in revenue per acre respectively. The initial CHP test grow is thirteen acres of prime Colorado growing environments to supply the base proprietary strains that will serve as mother plants for larger scale cultivation in multiple locations.
CBD is a primary ingredient in most of the patented disease specific medical formulations in GB’s patent portfolio. GB Sciences has already created a system of micro-propagation genetics and precision controlled growing environments to yield cannabis raw ingredients that are consistent, trusted and pure. Although CBD is found in the cannabis plant, it does not appear in sufficient volume to yield enough oil to produce medical formulations at scale, so the CHP proprietary hemp genetics are being bred to contain high levels of CBD along with the specific cannabinoids and terpenes needed to produce disease-specific medical formulations while also supplying those same valuable properties for unique retail CBD based products. CBD from hemp can be shipped across State lines because it does not contain the psychoactive properties of the cannabis plant, broadening the distribution possibilities for a true National retail line of hemp CBD oil products.
GB Sciences’ CEO&Chairman of the Board, John Poss, states: “Having access to CHP’s best of breed proprietary hemp genetics has supplied a critical missing element to the full development of our medical IP portfolio and to our growing line of retail products. CHP is a unique organization, and we are more than pleased that we share a common vision. It is the kind of validation necessary to keep moving forward toward our stated goal… to put efficacious, cannabis-based medicines in the hands of patients whether they are recreational or medical users.”